Indiabulls promoters ready to exit real estate business for bank merger

Indiabulls Housing Finance posted a net profit of Rs 1,006 crore in the fourth quarter ended March 2019 with net interest income of Rs 1,591 crore

With the Chennai-based Lakshmi Vilas Bank set to merge with Indiabulls Housing Finance in a share-swap deal, Indiabulls group promoters are ready to exit the real estate business in case the Reserve Bank of India (RBI) is not comfortable with a bank owner having realty business under wings.

Ashwini Kumar Hooda, deputy managing director, Indiabulls said, "It (real estate) is less than 10 per cent of business and financial services form 88 per cent of assets for the group. The promoter (Sameer Gehalut) wants to be largely in financial services and is ok to exit real estate business."

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